Cops urge banks to beef up internet banking security system 0 By Janett T. Low on March 1, 2022 Internet banking online banking services offered to the public so that they cannot be hacked by cybercriminals following a growing trend to online fraud and cybercrime cases. Selangor Police Chief Datuk Arjunaidi Mohamed said in a statement today that studies have revealed that besides the level of awareness and attitude of the victim, the increase in cases is also due to the ease with which scammers are able to open individual accounts as mule accounts. “It is easy to register an individual’s name to become a mule organization with the Companies Commission Malaysia (SSM) and later open a bank account in the name of the mule company/enterprise. “The mule accounts are then used to transfer hundreds or even millions of ringgit from the victims’ accounts. Apart from this, there are cyber criminals who managed to hack victims’ emails and online bank accounts and withdrew money from victims’ accounts without their knowledge,” he said. Therefore, Arjunaidi said that if there are any apps to change users’ id via email or any other suspicious changes in internet banking transactions, banks should check with the account owner or company. for confirmation. “Banks should create a more secure check and balance system for all Internet banking transactions via the Internet or online banking to prevent mule accounts from being widely used by criminals to transfer the proceeds of their criminal activities,” he said. He also said that in the first two months of this year, 405 investigation documents were opened on cyber fraud and crimes involving RM33.7 million in losses in Selangor alone. ― Bernama Related posts: SBI undertaking the maintenance activity tomorrow; Internet banking, UPI and other services should remain affected during THESE hours – Also check the new cash withdrawal rules Internet banking tolerance: all banks should have a “neuro-diverse” person on their board of directors Lenders see rise in internet banking amid pandemic SBI Net Banking Online: How to register for SBI Online Banking Share. Twitter Facebook Pinterest LinkedIn Tumblr Email About Author Janett T. Low Website Comments are closed.